Fear holds many startups back. Fear of the expense of setting up their business (“I paid $50,000 and STILL couldn’t get that trademark!”) and fear of a lawsuit (“We hold the patent on that! See you in court!”)
But the biggest cost we face is the opportunity cost of never starting. Or standing still out of fear of a legal issue.
And yes, laws can be scary. But the more we research and understand them, the less scary they become. And in some cases, the laws actually help us. Aw, thanks, government!
Some areas to look for laws that apply to your business:
Geographic: International, Federal, State, Regional, County, City, Neighborhood, special water districts or other districts (and even HOAs if this is a home-based business)
Industry-specific: EPA, FDA, USDA, FCC, FTC, FAA, HIPAA, Health departments, etc. These will vary depending on your industry and specialty
Non-laws that feel like laws: Customer requirements (often includes insurance, factory certifications), union mandates, certifications that users expect (“is this non-GMO?”), security recommendations (SSL on your website, data security), etc.
And the good news is that there are plenty of resources to help you along the way:
- Small Business Administration
- Trade Associations
- Chamber of Commerce
- Attorneys–you can create relationships with attorneys without engaging them, so you know who you can go to if you need to hire one
- Non-profits
- Compliance agencies–this is their entire job. Getting you compliant with the laws that affect you
- Incubators and co-working spaces–Check their list of resources and be on the lookout for regulator guest speakers
- Trade Shows
- Government offices–They do want you to make money and understand procedures and requirements, so talk to them in advance. Use your non-work contact info if that will make you more comfortable.
- Google: the internet has a lot of information. And some of it is correct!
And really, attorneys are not as expensive as we think. One hour with an attorney for a few hundred dollars can save us thousands in the long run and open up millions of dollars in opportunities. So breathe. You can conquer your legal questions.
*This article is not intended as any form of legal advice. Launchwise LLC does not provide regulatory advice, but will defer to appropriate regulatory resources such as compliance agencies, attorneys and certified agents as necessary.
